The rising safety regulations imposed by the governments have catapulted the adoption of Tire Pressure Monitoring System (TPMS) leading to a boom in the revenue generation from the market. Market Research Future (MRFR) has recently published a report on Global Tire Pressure Monitoring System (TPMS) where it has been highlighted that the market will grow at a robust CAGR of 7% during the forecast period 2017 to 2023.
The safety measures adopted under the New Car Assessment Program (NCAP) is expected to be the key driver of the market expansion. The integration of TPMS into vehicles warns the driver about pressure measurement in tires and thus reduce accidents. According to the statistical observations published by Association for Safe International Road Travel (ASIRT), approximately 1.3 million people lose their lives in road accidents every day with an estimated injury or disability of 20-50 million people. Road accident is one of the leading causes of death all across the world which is pushing the governments worldwide to make stringent safety laws. The government initiatives being undertaken to curb the rate of accidents is poised to steer growth in the TPMS market.
The embracement of TPMS can enhance the life of the vehicles by increasing fuel efficiency, increased tire life, better mileage, reduced braking distance, etc. which are favoring the market growth and expansion. Other factors responsible for the growth of the TPMS market are booming automobile industry, growing demand for luxury cars, increase in disposable income, etc. However, technical glitches due to sensors or battery are projected to restrict the market growth over the next few years.
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By type, the global tire pressure monitoring system market is segmented into direct TPMS (Tire Pressure Monitoring System) and indirect TPMS (Tire Pressure Monitoring System). The direct TPMS segment is expected to show a steeper growth curve owing to its accurate depiction of pressure measurement. The technology possesses numerous add-on features such as individual pressure management for wheels.
By vehicle type, the global market for tire pressure monitoring system has been segmented into passenger vehicles, heavy commercial vehicles, and, light commercial vehicles.
By sales channel, the market is segmented into OEM, and, aftermarket.
By region, the global tire pressure monitoring system has been segmented into North America, Asia Pacific, Europe and Rest of the World. Asia Pacific market is expected to dominate globally over the assessment period due to its booming automobile sector. The region has been witnessing a growing demand for luxury cars which has propelled the revenue generation of TPMS market and is projected to demonstrate the same trend throughout the projection period. Furthermore, the regulations implemented by some of the countries in the region that mandates the integration of TPMS into vehicles will accelerate growth in the market.
The growth in Europe market can be attributed to the presence of prominent players in the market. The growth strategies employed by the major players in the region will accelerate the market growth and expansion. North America market will exhibit growth owing to the developed automobile infrastructure present in the region. The technological advancements introduced in the region will fuel growth throughout the projection period. The rise in safety concerns is accelerating the adoption of TPMS in Middle East & Africa region. However, lack of technological penetration in the African region will hold the market growth across the assessment period.
MRFR has profiled key players of the industries for drawing an insightful conclusion of the market dynamics, which include Sensata Technologies Inc. (U.S), Pacific Industrial Co. Ltd (Japan), ZF Friedrichshafen AG (Germany), AVE technologies (Australia), DUNLOP TECH GmbH (Germany), Continental AG (Germany), Huf Hülsbeck & Fürst GmbH & Co. KG (Germany), Schrader Electronics (U.K), Bartec USA LLC (U.S), Delphi Automotive LLP. (U.K), among others. The initiatives undertaken by the top-notch players to stay ahead of the curve include the adoption of next-gen technology, expansion of product portfolio, acquisitions & mergers, innovative agreements, collaborations, etc.
TireStamp announced the launch of its new tire pressure monitoring system named TireVigil Cloud 2.0.
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